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Corn is 3 to 5 cents higher.
- Corn futures have broken out of the recent range of consolidation, driven by strong export sales data from USDA earlier today.
- USDA reported weekly corn sales of 4.01 MMT for the week ended Jan. 15, which were a marketing year high. Net sales were up noticeably from the previous week and the four-week average, easily topping the pre-report range of 1.9 to 3.1 MMT.
- Last-minute legislative deal-making left language out of U.S. government funding bills that would have allowed year-round use of E15—a gasoline blend containing 15% ethanol. Instead, lawmakers established a study group to advance separate legislation in February. “Corn growers are disgusted, disappointed and disillusioned that after spending years of calling for passage of E15, Congress has again punted, and it has done so in a spectacularly weak and offensive way,” said National Corn Growers Association President Jed Bower, in a statement.
- March corn futures have moved above resistance at the 10-day moving average, though additional resistance stands at the 20-day moving average of $4.34 ¾. Initial support lies at $4.21 3/4.
Soybeans are a nickel higher, while soymeal is around $2.00 higher. Soyoil is around 60 points higher.
- Soybeans are firmer in inside trade, with support from solid weekly export sales.
- USDA reported weekly soybean sales of 2.45 MMT for the week ended Jan. 15, a marketing year high and up 19% from the previous week and 92% from the four-week average. Net sales were within the pre-report range of 1.5 to 3.0 MMT.
- India, the world’s largest vegetable oil buyer, canceled more soybean oil shipments from South America as the Indian rupee currency slumped to a record low that widened the price gap between local and imported oil, Bloomberg reported. About 35,000 to 40,000 tons of the commodity from Brazil and Argentina, booked for delivery in February and the April-July period, have been scrapped, with total cancellations likely to exceed 50,000 tons, said Aashish Acharya, vice president at Patanjali Foods Ltd., one of India’s top vegetable oil buyer.
- March soybeans are testing resistance at the 200-day moving average, though additional resistance stands at $10.70 3/4. Initial support lies at the 20-day moving average of $10.58 1/2.
Winter wheat futures are mostly a nickel to 10 cents higher, while HRS futures are mostly unchanged.
- SRW wheat futures are extending Thursday’s short-covering gains amid weather concerns in key growing areas and support from extended weakness in the U.S. dollar.
- USDA reported weekly wheat sales of 618,100 MT for the week ended Jan. 15, which were up noticeably from the previous week and four-week average. Net sales topped the pre-report range of 150,000 to 450,000 MT.
- Russian President Vladimir Putin began talks with U.S. envoys Steve Witkoff and Jared Kushner in the Kremlin on the latest peace plan aimed at ending his war in Ukraine, Bloomberg reported.
- March SRW futures are testing resistance at the 40-day moving average, currently trading at $5.20 1/2, with additional resistance at the 100-day moving average of $5.30 3/4. Initial support lies at the 10-day moving average of $5.13 1/2.
Live cattle are posting solid gains, while feeders are modestly higher at midsession.
- Cattle futures have rebounded from earlier lows to post solid gains, though technical resistance continues to crimp momentum.
- Choice boxed beef continued to edge higher on Thursday, rising $1.34 to $367.45, while Select fell 72 cents to $361.73. Movement was light, however, at only 95 loads.
- USDA reported net beef sales of 15,400 MT for 2026, primarily to Hong Kong, Japan and Mexico.
- February futures have tested support at the 100-day moving average of $231.80, which is backed by the 40-day moving average. Initial resistance remains at the 20-day moving average of $233.39, and is backed by the 10-day moving average.
Hog futures are modestly weaker at midsession.
- Nearby lean hog futures are modestly weaker in corrective trade.
- The pork cutout value rose 64 cents to $94.62 on Thursday amid gains in call cuts aside from primal ribs. Movement totaled 231.3 loads.
- USDA reported weekly pork sales of 33,200 MT for 2026, primarily to Mexico, South Korea and Japan.
- February lean hogs are trading within Thursday’s range, limited by the previous session high of $88.85, while support lies at $87.95.